Sep 23, 2020 03:41 PM EDT By Ernest Hamilton, UniversityHerald Reporter

Mastercard is in the driver's seat to propagate cryptocurrency adoption and curating innovation in the space of cryptocurrency. The company has recently announced the expansion of the notable cryptocurrency program, which is now simple, faster and fosters reliable and amenable payment cards.

Mastercard is advancing its partnership experience alongside crypto cards and tokens by inviting companies to join the program, namely, Mastercard's Accelerate for notable fintech companies and brands. 

Mastercard has combined its forces with Wirex, a Financial Conduct Authority regulated and native crypto platform by granting a principal membership. Wirex can directly issue the payment cards. The work that Mastercard is putting forward with Wirex will expand the cryptocurrency horizon by facilitating innovation & authorizing the consumers with a choice of choosing crypto tokens to make payments. If you want to expand your knowledge about cryptocurrency/bitcoin partner program, you can learn more at https://bitcoinchampion.io/.

Crypto becomes spendable

With this new initiative, Mastercard has not paved the path to spend cryptocurrency directly among merchants. Rather, the multinational financial corporation aims to convert cryptocurrency into conventional fiat currency and later merchants can use the converted fiat currency to make payments.

People can easily buy, hold, and exchange the converted fiat currency. Moreover, the new initiative facilitates the consumers to convert the cryptocurrency into fiat currency. Further, they can spend the cryptocurrency with Mastercard as it is accepted across the globe. Previously, consumers had to convert crypto to fiat by guessing how much cryptocurrency needs to be put for conversion to make payments. Mastercard has simply automated the process so that consumers can easily pay a specific amount in the form of cryptocurrency which they need for spending. 

The move is essential as cryptocurrency is exponentially volatile, and the value of a single cryptocurrency fluctuates every other day. Mastercard will now rely on partners such as Wirex in aiding customers to be aware of the cryptocurrency exchange rates before conversion and transaction.

The consumers are now bestowed with a power to know the crypto balances which they hold alongside fees and conversion rates. The head of the program will communicate and ask the partners to have transparency before conversion and making payments.

Wirex's co-founder and CEO Pavel Matveev said, everyone at the company is excited as the company becomes the first-ever native cryptocurrency to have granted Mastercard's principal membership. The initiative showcases an enlarging recognition and interest towards acceptance of digital currencies by regulators and leading bodies. In the long run, this will make regular and the public realize the benefits of cryptocurrency in accordance with traditional currency.

Mastercard does not aim to convert cryptocurrency into a 2020 payments trend. Rather, the company is responding to the necessary visibility of Mastercard in the marketplace as interest in cryptocurrency grows. Consumers get an option to utilize the cryptocurrency outside of the closed-loop systems, and completely flexible with local regulatory authorities, AML, and KYC requirements.

Mastercard partnered with Wirex as the latter operates and offers the program in the most compliant manner. The financial corporation revealed that they will work with companies like Wirex and not anonymous wallets for the interest of cryptocurrency enthusiasts.

Wirex has grown rapidly in the past 18 months, the company has witnessed a successful expansion across the Asia Pacific alongside the release of Wirex Token. The company has also released a road map where it revealed the next-gen Wirex card for the customers in Europe. Wirex will also begin to issue corporate cards for the Wirex Business customers. 

Accelerate program is Fast, Compliant, Simple, and Reliable

With Accelerate, Mastercard provides utterly simple entry to the wide array of specialized programs giving cryptocurrency partners & fintech the needed assistance and support in every step of the growth. In weeks' time, cryptocurrency partners will be onboarded, and they will be provided with a governing experience which the company offers.

Accelerate will connect the relevant parts of businesses by integrating in Mastercard's proprietary technology, leveraging insights, & cybersecurity services. With Accelerate, Mastercard will engage new customers, reach broader markets as well as segments. Mastercard will aid in co-creating solutions, enabling an inclusive economy.

Mastercard is addressing several use cases for better visibility in the cross-border payments, supply chain, B2B exchanges where blockchain will solve problems as it will allow the data to move.

Mastercard is planning to create much more options in terms of consumers' shopping and for firm transactions. Exe. Vice President, Raj Dhamodharan revealed that the company will bring new avenues that will solve the preceding problems that were unsolvable before. The company's commitment to innovation will aid in building worldwide ecosystems for transforming and modernizing payments.

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